Compare PNB MetLife Term Insurance Plans

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PNB MetLife Life Insurance Company

PNB MetLife is a partnership between one of the leading Indian banks, Punjab National Bank (PNB) and world’s leading insurance provider, MetLife International Holdings LLC (MIHL). These two are the major stakeholders with some smaller partners as well, which are: Jammu & Kashmir Bank Limited (JKB), M. Pallonji & Company Pvt. Limited and a few other small investors. Operating in the country since 2001, the company has made its presence felt all over and is one of the leading players in the insurance sector with skilled and dedicated employees offering a wide variety of life, health and pension products.

PNB MetLife Life Term Insurance Plans

Going a step further, the company offers basic metlife term plans with some attractive features and options to make it a wholesome coverage for the customers. Keeping the plans economical, the benefits offered by PNB MetLife Life Insurance are worth the investment one is looking for when it comes to life insurance and financial stability for the family members.

List of Term Plans Offered By PNB MetLife Life Insurance Company, With Features, Benefits And Eligibility

PNB MetLife Mera Term Plan

Features:

  • Basic term plan with multiple death benefit options
  • Life Stage benefit available to take care of expenses at important milestones in life
  • Joint life coverage with wife
  • Discounts for non-smokers
  • Tax benefits applicable

Benefits:

  • If the policyholder dies during the policy term, the nominee shall receive the death benefits. These benefits can be availed under any of the following four options:
    1. Lumpsum amount: Here, the nominee shall receive the death sum assured at one go
    2. Lumpsum amount + Monthly income: Under this option, 50% of the sum assured shall be paid at the time of death and the remaining amount shall be paid as regular monthly income over a period of 120 months
    3. Lumpsum amount + Increasing monthly income: This option offers the nominee to be paid 50% of the sum assured at the time of death of the insured and the remaining over a period of 120 months, increasing @ 12% p.a. at simple rate of interest.
    4. Lumpsum amount + monthly income till child is 21 years old: This option is only available to those with a child aged less than or equal to 15 years. Here, the 50% of sum assured shall be paid as death benefit at the time of death and the remaining amount shall be paid over equal instalment till the child turns 21 years old
  • Life Stage Benefit: This benefit allows you to buy additional cover at important milestones in your life basic prevailing age and premium conditions at that time, without any medical examination. This is to help manage additional responsibilities. The important milestones considered are:
    1. Marriage: can buy equal to 50% of the original cover subject to a maximum of Rs. 50 lakhs
    2. First Child: can buy equal to 25% of the original cover subject to maximum of Rs. 25 lakhs
    3. Second Child: can buy equal to 25% of the original cover subject to maximum of Rs. 25 lakhs
  • Joint Life Benefit: This option helps to cover the insured and their spouse under one policy. If the insured dies during the term of the policy, all future premiums shall be paid off and the policy will continue to be active. You can select this option if your total sum assured is more than Rs. 50 lakhs and the spouse shall be covered for 50% of this amount (subject to maximum of Rs. 50 lakhs). If the spouse is a homemaker, then the cover provided is for Rs. 25 lakhs
  • Income tax benefits shall be available under section 80C and section 10 (10) D

Eligibility:

Min-Max Entry Age 18-65 years
Maturity Age 75 years
Minimum Sum Assured Rs. 10 lakhs
Policy Term 10-40 years
Premium Payment Term Equal to policy term
Premium Payment Frequency yearly or monthly

Riders:

The plan offers following riders to choose from by paying a bit of extra premium for wholesome coverage:
1) Accidental Death Cover
2) Accidental Disability Cover
3) Cancer & Heart Attack Cover
4) 10 Serious Illnesses Cover

PNM MetLife Family Income Protector Plus

Features:

  • Guaranteed monthly income for the family
  • Return of premium option available
  • Income Tax benefits applicable
  • Freedom to select monthly income from various options

Benefits:

  • Death benefits: If the insured dies during the policy term, the family shall be paid the death benefits that will either be:
    1. Lumpsum amount at the time of death
    2. Monthly income for a chosen benefit pay-out period that depends on the policy term. It is calculated as:
    Policy Term Benefit Pay-out Period
    10 years 240 months
    15 years 180 months
    20 years 120 months
  • Return of Premium: At the time of maturity of the policy, the insured will get 110% of all premium paid
  • Flexible monthly income options of Rs. 10, 000, Rs. 25, 000, Rs. 50, 000, Rs. 75,000 and Rs. 1 lakh are available
  • Income tax benefits are available under section 80C and section 10 (10) D

Eligibility:

Min-Max Entry Age 25-60 years (55 years for policy term of 20 years)
Maturity Age 75 years
Plan Options Term Cover and Term with Return of Premium Option (TROP) Premium Payment Frequency: Yearly, half-yearly, monthly
Policy Term 10, 15 or 20 years
Sum Assured Min: Rs. 9.10 lakhs | Max: Rs. 1.42 crores
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